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Finvasia India
Company typePrivately held company
Founded2009
FounderTajinder Pal Singh
Sarvjeet Singh
Headquarters
Mohali, Punjab
,
India
Websitewww.finvasia.com

Finvasia is an Indian fintech company headquartered in Mohali, Punjab. The company is owned by brothers Sarvjeet Singh Virk (CMD) and Tajinder Virk (CEO).[1] The organization has expanded its hands into healthcare services by acquiring Ginihealth[2] and into retail FX space by acquiring major investment platform Zulu Trade[3] where the existing CEO of Finvasia Tajinder Virk became Zulu's interim chief.[4]

The group and its subsidiaries serve a client base exceeding 5 million across 190 countries and have hosted several accounts with substantial transaction values.[5][6]

History

Ex Wall Street banker Tajinder Pal Singh and brother Sarvjeet Singh started Finvasia in Canada in 2009 and ventured into India after registering with the Securities and Exchange Board of India (SEBI) as Foreign Institutional Investor (FII, now FPI), they ventured into India.[7] They initially focused on serving hedge funds but later switched to retail market in India. To cater retail market in India, they started the procedure of compliance requirements and approval from SEBI.[8]

In 2013, the company entered the retail brokerage market after receiving regulatory approvals from NSE and MCX.[9]

In 2015, Finvasia became a trading Member of the Bombay Stock Exchange Ltd (BSE) and The Association of Mutual Funds in India (AMFI).

In 2016, Finvasia received foreign direct investment (FDI) funding against a valuation of ₹150 crore from Mauritius-based Intrinsic Investment Limited.[7][10] In the same year, it was named among the 20 Most Promising Banking Solution Companies by Silicon India.[11]

In 2017, the company received the license to operate as a non-banking financial corporation (NBFC) from RBI.[12]

In 2018, the company became a member of the National Commodity & Derivatives Exchange Limited (NCDEX) & received SEBI registration to allow its clients to trade on NSE, BSE, MCX & NCDEX from a single trading account.

In June 2021, Finvasia group acquired a 100% stake in Fxview  - a financial services company based in Cyprus.[13] Finvasia acquired fintech company ActTrader Technologies in 2021. ActTrader was formerly known as Act Forex.[14]

In 2022, the group acquired ZuluTrade. It also opened an office in Mumbai to make its product development in the follow-up of significant acquisitions like Fxview (a CySEC-authorized CFD broker), and major investment platforms ZuluTrade, ACT Trader, and Capital Wallet.[15]

In 2023, Finvasia got the Investment Banking Licence from the Financial Services Commission of Mauritius (FSC).[16]

Awards

2017: Awarded Best Trading Execution or Brokerage Platform at the 2017 Benzinga Global Fintech Awards in New York, USA.[17]

References

  1. ^ "Finvasia expects to open 10 million accounts by 2020: MD and co-founder Sarvjeet Singh Virk". Free Press Journal.
  2. ^ "FINVASIA Acquires Gini Health, Expands Into Healthcare Services". www.morningstar.com. 2021-10-28. Retrieved 2021-12-26.
  3. ^ Steves, Rick. "FINVASIA ACQUIRES MAJOR SOCIAL TRADING PLATFORM, ZULUTRADE". Finance feeds.
  4. ^ "Finvasia CEO Tajinder Virk Becomes ZuluTrade's Interim Chief". Financial and Business News | Finance Magnates. Retrieved 2022-04-29.
  5. ^ "Finvasia Group Acquires ZuluTrade". Financial Post.
  6. ^ "Finvasia ventures into real estate launches its first project". Hindustan Times.
  7. ^ a b D'souza, Vanita (2017-09-15). "These Brothers are using AI to Kill the Brokerage Model in Capital Market". Entrepreneur. Retrieved 2020-12-07.
  8. ^ "Finvasia: The Trailblazing Organisation Led by Visionary Virk Brothers". Finance Magnates. 5 May 2023.
  9. ^ "Finvasia Approved to Transfer Commodity Membership in Capital Market". Punekar News. 2018-10-22. Retrieved 2020-12-07.
  10. ^ "Finvasia gets FDI from Mauritius-based entity". The Tribune (Chandigarh). Retrieved 2020-12-07.
  11. ^ "20 Most Promising Banking Solution Companies in India - 2016". siliconindia. Retrieved 2020-12-07.
  12. ^ "Finvasia gets licence to operate as NBFC". Tribuneindia News Service. Retrieved 2020-12-07.
  13. ^ "Finvasia Group Announces Acquisition of Fxview | Finance Magnates". Finance Magnates | Financial and business news. 2021-06-15. Retrieved 2021-07-14.
  14. ^ "FINVASIA Acquires ActTrader Technologies | Finance Magnates". Finance Magnates | Financial and business news. 2021-07-20. Retrieved 2021-11-17.
  15. ^ "Finvasia Group: Fxview's And Zulutrade's Parent Company Opens Office In Mumbai". Finance Feeds.
  16. ^ "Breaking News: Finvasia Group Secures Investment Banking Licence | Forexlive". Forexlive | Forex News, Technical Analysis & Trading Tools. Retrieved 2023-03-06.
  17. ^ "Finvasia bags Benzinga Global Fintech Award". The Tribune. Retrieved 2020-12-07.
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